Despite the prevalence of digital payments, most companies in that sector are still competing with cash, according to Sri Shivananda, chief technology officer at PayPal.
People still prefer cash because it's easier than either obtaining a credit card or using a digital payments platform in many places.
There are three things that payments companies must do to convince people to make the jump from using cash to digital payments, according to Shivananda.
Cash still matters, and it won't go away anytime soon, according to the chief technology officer at PayPal.
Many companies are trying to create a digital payments economy, but they face stiff competition from regular currencies, according to Sri Shivananda, senior vice president and chief technology officer at PayPal.
"The competition is cash," Shivananda told CNBC in an interview last month. "It's not even, like, you're fighting for each other's volumes. It's actually cash."